Sun, July 21, 2024

The dollar dipped against most major currencies

dollar

The dollar retreated against all major currencies except the yen as investors looked to release U.S. inflation statistics later in the day to gauge how soon U.S. interest rates will approach higher levels.

The U.S. dollar index retreated by 0.072% to close at 102.06.

The euro was last up 0.122% at $1.0927, while the sterling advanced 0.02% to $1.2431.

U.S. inflation figures for March were thought to have reached 5.2% from 6.0% a year earlier, while core inflation was expected to rise to 5.6%.

A panel of Fed spokesmen offered little direction on how much to raise U.S. interest rates. The president of the New York Fed said it depends on the incoming statistics.

The president of the Philadelphia Fed said he feels the last phase of rate hikes may be near. In contrast, the president of the Chicago Fed said the U.S. central bank should be patient in raising interest rates amid the recent volatile environment in the banking sector.

Banking volatility sparked by last month’s Silicon Valley Bank meltdown has added to bets that the Fed is not raising rates as high as previously thought to ease damage to the sector.

Against the yen, the dollar advanced to a one-month high of 134,046, reflecting a stark contrast between the Fed’s aggressive monetary tightening cycle and the Bank of Japan’s wavering policy.

The International Monetary Fund said in its global economical stability data that the Bank of Japan could help avoid a sharp jump in policy by allowing more flexibility in its policy to manage changes in yields.

Elsewhere, the Aussie advanced 0.32% to $0.6676, while the Kiwi rose 0.19% to $0.6204.

Bitcoin retreated marginally to $30,001 and settled on the key $30,000 level.

Ether, the second largest crypto, was at $1,867.91.

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